Developed market equities have long dominated global equity markets, but is that set to change in the coming decades.

The big picture finding is that the M capital markets in particular are likely to rise very significantly.

Not only is the MGDP rising,

but actually their equity market capitalization ratios are also rising,

so you get two bangs for your buck as a word.

I'm Allison Nathan, and this is Goldman Sachs exchanges. In this episode we're taking a look at the future of global capital markets

and whether stock markets in emerging countries are poised to overtake those in

the US and other developed countries in the coming years.

To discuss that and the potential investor opportunities that such a shift might provide,

I'm sitting down with my colleague Kevin Daly, co-headed the Economics team covering Central and Eastern Europe, the

Middle East and Africa for Goldman Sachs research.

Kevin, welcome back to the program.

Hey Allison, good to see you.

Kevin, the last time you were on this podcast, which if I recall was early this year, you spoke

about what the global economy could look like in 2075, and you've done a lot of work on the

longer term economic outlook.

First, just catch us up on what are some of your key

takeaways and what your analysis has shown.

So there's four key themes that we emphasize.

The first was that we expected global growth to slow over time to a little below 3% driven by a slowdown in population growth.

So population growth globally has fallen in the last 50 years from 2% per year to 1%.

Over the next 50 years it's projected to fall to basically zero.

...